The aircraft maintenance, repair and overhaul market is being primarily driven by the growth of the commercial aircraft fleet
The aircraft maintenance, repair and overhaul market is a highly organized market in which players are regulated by various international and local governing bodies. These bodies ensure that highest quality of MRO service is being provided to airline carriers. The global standards for the market are set by the International Civil Aviation Organization (ICAO).
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Aircraft Maintenance, Repair and Overhaul Market Dynamics
The aircraft maintenance, repair and overhaul market is being primarily driven by the growth of the commercial aircraft fleet. At present, about 20,000 aircrafts make up the global operational fleet and aircraft retirements have decreased steadily due to the increasing age of aircrafts, which has reached beyond 20 years. This is due to the fact that the current aircrafts are being continuously upgraded to incorporate latest technologies and innovations through such MRO services before being retired for scrap or being converted to freighters. This factor is biding well for the growth of the market. Though, the number of backlogs to aircraft deliveries or sales has increased over the years, it does not affect the progress of the market as the market is not directly dependant on it. The airline industry is a very competitive industry wherein airline carriers go to great lengths to generate greater number of customers by continuously modifying the cabin interior of their aircraft fleet to please passengers and convert them into repeat passengers.
With government bodies and environmental watchers continuously formulating stricter rules and regulations pertaining to emissions from aircraft, a major number of airline carriers periodically service their aircraft fleet to maintain its emission levels well below the set standard, which, in turn, also helps in adding value to the aircraft maintenance, repair and overhaul market.
Time constraints, high maintenance cost, lack of players, limited number of servicing stations and skilled expertise are some of the restraints that can affect the growth of the aircraft maintenance, repair and overhaul market while challenges for the market revolve around the complexities involved in updating an old aircraft to latest specifications.
Aircraft Maintenance, Repair and OverhaulMarket: Segmentation
The aircraft maintenance, repair and overhaulmarket can be segmented on the basis of aircraft division, service and aircraft type.
On the basis of aircraft division, the Aircraft Maintenance, Repair and Overhaul market can be segmented into:
By service, the market can be segmented into:
Line Maintenance Services
By aircraft type, the market can be segmented into:
Narrow Body Aircraft
Wide Body Aircraft
Very Large Aircraft
Aircraft Maintenance, Repair and OverhaulMarket: Regional Outlook
In terms of regional outlook, the market is expected to flourish in the North American region owing to the presence of both commercial aircrafts and airline carriers. The same also holds true for the Asia Pacific market as a large number of narrow body aircrafts are being operated by the region’s airline carriers and also due to the presence of many MRO service providers. The Middle East & Africa region, especially the GCC countries, is anticipated to witness above average growth due to the growing airline industry in the region and the airline carriers’ penchant for continuous aircraft renovation to keep their fleet well maintained.
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Aircraft Maintenance, Repair and Overhaul Market: Market Participants
Examples of some of the major players involved in the in the value chain of the Global Aircraft Maintenance, Repair and Overhaul market include:
Delta TechOps (Delta Corporation Ltd.)
Singapore Technologies Aerospace Ltd.
Hong Kong Aircraft Engineering Company Ltd. (HAECO)
Lufthansa Technik AG
Air France Industries / KLM Engineering and Maintenance
Guangzhou Aircraft Maintenance Engineering Company Ltd.
Turkish Technic Inc.
Evergreen Aviation Technologies Corporation
Aviation Technical Services
Mexicana MRO Services
SIA Engineering Company Ltd.
United Technologies Corporation
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